posted on Aug, 10 2022 @ 03:14 PM
a reply to:
anonentity
Finally something I have relevance in.
I'm a property manager and can explain this entire scenario easily as if your not in my industry or need contractors you wouldn't necessarily know.
It is the same reason lumber and construction prices have gone up, no it's not just supply lines.
I live in Hawaii and during a stretch of covid at the beginning, you couldn't rent out your property and no one was allowed to come in. Naturally this
led to everyone remodeling which used up all of the cabinets and supplies. National retailers completely ran out of supply.
Following this people moved out of units to move back to the mainland etc. and then THOSE units got remodeled.
All of this before house prices started going up and then that exacerbated the problem.
Then moratoriums went up and people started to get kicked out of their places, causing....what? Remodels!
Rising prices for your place has led to a quarter of my units being remodeled and sold.
Pre covid I could have a handymen or contractor out the day after calling. Since the beginning of covid? At least 2 months wait to get anyone out -
electrician, carpenter, plumber etc. Everyone is booked solid from the transfers of property and everyone remodeling. It is August of 2022 and I still
have to wait weeks to get folks out. We are talking 50-100k $ jobs and I am having to wait WEEEKS. Everyone I know across the country is reporting the
same thing.
It's bananas.
This is what I mean in regards to it just not being a supply chain issue. It IS that but on top of it the supplies are actually all getting used up as
soon as they're produced due to an active market or real estate flipping VS just scarcity.
Sorry this wasn't super detailed but I'm busy and actually have the answer for once, didn't read the rest of thread so if someone already beat me to
it I apologize.
You know blackrock and all the other investment companies are remodeling to pump out that extra % of money as well further making the issue
compounded.
Aloha!